The Santa Fe Mortgage Process: 12 Steps From Preparation to Closing
1. Learning About you
The first conversation is an opportunity to understand your goals, timeline, financial circumstances, and any potential challenges. Marita will ask several preliminary questions about your income, assets, credit, employment, property plans, and available funds so she can recommend an appropriate path forward.
Approximately 30 Minutes
2. Application
The secure mortgage application provides the information needed to begin evaluating your loan options. Once it is completed, Marita and her team can review the borrower profile, request supporting documents, and explain the next steps in the processing documents, and explain the next steps in the process.
3. First Recommendations
Once everything is in the system, Marita will give you a complete summary of what will be needed, specific items that will be required and a first look at how complex your transaction will be.
The underwriting process is detailed, so it is essential to provide complete, accurate, and timely information from the start.
4. Documentation
This step is key to the accurate and timely completion of your mortgage. It is important to submit all documents and ensure they are readable, current and accurate and follow the requested list exactly as needed. Once these documents are received, Marita reviews the documents carefully for completeness, consistency, and potential underwriting concerns before they are submitted for formal review.
5. Overcoming Obstacles.
Once underwriting reviews your documentation, income sources, credit etcetera, a list of conditions will be issued which can range from an unclear document to a discrepancy in debt to income or other issues. Marita will give you clear direction of how to meet the underwriting requests. Once you submit the answers needed, Marita will again review carefully before submitting and then review with underwriting herself.
6. Financial Changes to Avoid During the Approval Process
The process may seem to slow down at times - do not worry. As long as communication remains open, Marita will guide you step by step.
Your credit must remain free of new activity such as new loans, applications of any kind and Marita would like you to inform her of any such decisions beforehand.
7. Lock Interest Rate
Once the required documentation and underwriting conditions have been addressed, you may be under contract with an accepted purchase offer. At the appropriate time, Marita will discuss available rate-lock options, including the applicable rate, costs, and lock period. Because rate locks are time-sensitive, prompt communication and documentation are important.
8. Appraisals & Inspections.
The appraisal is ordered to provide an independent opinion of the property’s market value and to identify certain lender-related property concerns. A home inspection is a separate evaluation, usually arranged by the buyer, to assess the property’s physical condition. Marita monitors the financing-related aspects and communicates any concerns that may affect the loan..
9. Address Remaining Conditions.
If any issues or additional underwriting conditions arise at this stage, Marita and her team work with the borrower and the appropriate parties to address them promptly. These reviews help protect both the borrower and the lender and ensure that the loan meets applicable program requirements.
10. Final Green Light.
Once the loan receives final approval and the required conditions are satisfied, the borrower receives the Closing Disclosure for review within the applicable timeframe. Marita remains involved to address final questions and coordinate the financing details with the appropriate parties.
11. Closing Requirements.
As closing approaches, timing becomes especially important. Marita coordinates with the borrower, title company, Realtor, and other appropriate parties to confirm that the required documents, funds, and deadlines are in order.
12. Funding & Close
Marita will help confirm that the required funds and documents are ready and accurate before closing.
PLEASE:
While We Are On The Subject…
DURING THE APPLICATION PROCESS: Do not acquire new debt | Do not apply for new credit | Do not change employment without discussing it | Do not move large sums without documenting them | Do not make large unexplained deposits | Do not miss payments
What is a “Pre-Qualification”?
A pre-qualification is an early estimate based primarily on information supplied by the borrower. It can help begin the conversation, but it may not include a detailed review of documents, credit, income, or assets. Because of that, it generally provides less certainty than a carefully reviewed pre-approval.
What is a “Pre-Approval”?
A pre-approval typically involves a more detailed review of credit, income, assets, debts, and supporting documentation. It can provide a stronger indication of the borrower’s financing position, but it is not a final loan approval and remains subject to underwriting, property review, and other conditions.
Common Reasons a Mortgage Transaction Can Be Delayed
Not every mortgage transaction reaches closing, but careful preparation can prevent many avoidable delays and last-minute problems. here are some common reasons a mortgage transaction may be delayed or may not move forward:
Borrower-related issues
incomplete or inconsistent documentation;
new credit or increased debt;
unexplained deposits;
changes in employment or income;
missed payments;
undisclosed obligations.
Transaction-related issues
missed deadlines;
incomplete communication;
changes to the purchase contract;
insufficient time for required reviews;
delayed document submission.
Property-related issues
appraisal concerns;
property-condition issues;
title problems;
condominium or association review;
insurance availability
If Your Loan Didn’t Move Forward — What Comes Next?
When a mortgage does not move forward, the first step is understanding exactly why. Marita reviews the circumstances, identifies the issues that may need to be corrected, and explains what a realistic path forward could look like. Depending on the situation, that may involve improving credit, documenting income differently, reducing debt, accumulating funds, or allowing additional time before applying again.
Marita’s Experience, Supported by loanDepot’s National Resources
loanDepot is one of the largest non-bank mortgage lenders in the United States, with a national platform that supports a wide range of loan programs, underwriting resources, and market reach. Within this structure, Marita combines her local experience and direct client service with loanDepot’s lending platform, loan programs, underwriting resources, and operational support., leveraging both her extensive experience and the operational strength of loanDepot. This combination allows her to structure and deliver financing solutions that are competitive, well-supported, and capable of moving efficiently from application through closing in a dynamic and often complex lending environment.
NMLS: 174457
